JP Morgan CEO Jamie Dimon Hints "If Bitcoin Gets Big, Governments will Stop it!" - page 3.

vinaha

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Quote from: MicroGuy on January 20, 2016, 01:36:13 PM

Jamie Dimon, CEO of JP Morgan discussing Bitcoin on CNBC in Davos. Jamie says during the interview that bitcoin the currency is going nowhere, that there's nothing behind it, and suggests that if it gets big - the government will stop it.

https://www.youtube.com/watch?v=hb3AWedkdwo

The full uncut interview can be viewed here: http://www.c[Suspicious link removed]m/2016/01/20/pro-uncut-the-full-interview-with-jamie-dimon.html

~~

What do you think guys? Will governments stop Bitcoin?

Dimon needs to do himself a favor and stop making a fool of himself.

jonald_fyookball

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Quote from: Preclus on January 20, 2016, 09:47:13 PM

There isn't a banker in the world that cares about bitcoin. They care as much about it as they care about the value of the Western Africa CFA franc.

I would generally agree...but...

Obviously Jamie Dimon cares. He won't shut up about it.
What's this, his like 5th or 6th time in the press talking
about it?

MOST bankers don't care or get it. Dimon is sharp
as a tack, he got to where he is for a reason and
he knows long term what Bitcoin COULD be...and
apparently doesn't like it. I think it threatens his worldview,
even if he won't be around long enough to see it
displace any of his business.

fuathan

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Aleph.im

Quote from: Preclus on January 20, 2016, 09:47:13 PM

There isn't a banker in the world that cares about bitcoin. They care as much about it as they care about the value of the Western Africa CFA franc.

Most of the bankers don't care because they don't understand the dynamics of BTC. Most of them are just "economists" not geeks. They can't imagine how BTC would be useful for the world.

Preclus

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There isn't a banker in the world that cares about bitcoin. They care as much about it as they care about the value of the Western Africa CFA franc.

chennan

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Quote from: Amph on January 20, 2016, 01:50:56 PM

no it will not because hopefully "government" is not a singleentity, so if the usa gov want to stop it that's fine, they will only stop it there, in euro it keep going and in many other country also

also you can not really expect to stop something that can be easily used on any computer...

This is a good point, it seems that the government doesn't really understand that you can't really "shut down" bitcoin; that's just like saying you can "shut down" just a part of the internet, which obviously wouldn't work.

I remember my uncle who was a broker for Morgan said the same thing... and I think we all know that major governments would give it the old college try, especially if the USD, Euro, Yen, etc. becomes worthless paper (which is already basically is) and they are trying to "correct" the mess (maybe with some other weird inflation tactic which essentially kicks the can down the road).

The thing we all have to remember, is that the Central Banks are a small group of very wealthy and powerful people that has every nations army at their side (pretty much). So to say that they won't do something to try to keep the power is an understatement to the max.

mayax

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Quote from: fuathan on January 20, 2016, 08:16:23 PM

But which government?

Assuming that China's hash power and possession style of btc I am not sure that if US tries to stop it, it stops. It would like marihuana or something like that.

By the way, Bitcoin getting serious by companies. Purchasing chain completed with debit cards and ATM. You can easily spend btc without using US dollar now.

The government may want to regulate it in the future maybe... They want to know the transactions and real names.

what american will send bank wire to China in order to buy BTC or to receive wires? the americans are used to send local bank wires.

fuathan

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Aleph.im

But which government?

Assuming that China's hash power and possession style of btc I am not sure that if US tries to stop it, it stops. It would like marihuana or something like that.

By the way, Bitcoin getting serious by companies. Purchasing chain completed with debit cards and ATM. You can easily spend btc without using US dollar now.

The government may want to regulate it in the future maybe... They want to know the transactions and real names.

smaxz

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Quote from: saturn643 on January 20, 2016, 07:47:43 PM

Quote from: Asulect on January 20, 2016, 07:31:58 PM

Quote from: calkob on January 20, 2016, 02:53:34 PM

do these idiots not understand that bitcoin cant be blocked, yeah you might ban it in your country but you cannot stop it. Anyone with a computer and an internet connection can run a node and if the big mining farms where shut down they could mine it also, these people never surprise me in there arrogance........

Your keyword is "Internet" in which, some governments have control of. One single country in the east with its Great firewall can easily cause chaos in bitcoins. Another country in the west have total control of the "backbone" of the Internet can also cause chaos if it choose to.

The internet in itself is decentralized. The backbone of the internet is not located in one country, but multiple countries. And pulling the plug on the internet a) doesn't work and b) would be absolutely catastrophic to other stuff that the governments do care about. The internet cannot be shutdown, and with anonymizers like Tor, censorship and blocking can be easily circumvented.

Furthermore, we can also develop a bitcoin network through radio and not rely on current internet infrastructure. Instead we could create a global peer-to-peer radio network solely for bitcoin. There are people who are trying to create such a network

shhh, maybe nobody has let them in on the hoax yet.

https://www.youtube.com/watch?v=iDbyYGrswtg

saturn643

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Quote from: Asulect on January 20, 2016, 07:31:58 PM

Quote from: calkob on January 20, 2016, 02:53:34 PM

do these idiots not understand that bitcoin cant be blocked, yeah you might ban it in your country but you cannot stop it. Anyone with a computer and an internet connection can run a node and if the big mining farms where shut down they could mine it also, these people never surprise me in there arrogance........

Your keyword is "Internet" in which, some governments have control of. One single country in the east with its Great firewall can easily cause chaos in bitcoins. Another country in the west have total control of the "backbone" of the Internet can also cause chaos if it choose to.

The internet in itself is decentralized. The backbone of the internet is not located in one country, but multiple countries. And pulling the plug on the internet a) doesn't work and b) would be absolutely catastrophic to other stuff that the governments do care about. The internet cannot be shutdown, and with anonymizers like Tor, censorship and blocking can be easily circumvented.

Furthermore, we can also develop a bitcoin network through radio and not rely on current internet infrastructure. Instead we could create a global peer-to-peer radio network solely for bitcoin. There are people who are trying to create such a network

mayax

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Quote from: Yakamoto on January 20, 2016, 07:29:07 PM

Quote from: mayax on January 20, 2016, 07:24:03 PM

Quote from: DeathAngel on January 20, 2016, 06:03:50 PM

What a buffoon, you can't stop a decentralized system.

yes, they can "stop" it very easy... The FEDs will put in jail all the US exchangers without financial license.How many of them have license? 2-3?

this will be the end of BTC. Also, they can ban foreign exchangers to use USD. All the correspondent banks for USD are from USA. It's so simple.

Bitcoin without exchangers = like dead

It might lose more of its monetary value, but it can still be utilized among circles that are willing to trade it for one good or another. Heck, even on the dark web you'll still be able to exchange it. It just comes down to how much people will value anonymity instead of convenience.

Yes, the dark market will continue to use it but the normal people NOT. US gov does not have to ban Bitcoin, they just need to apply the law and the law is simple. "Are you an e-currency exchanger, trading company, etc? You need a financial license to operate. Don't you have one? You will go to jail". It's that easy. It happened with some exchangers(make a search) in the near past.

Asulect

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Quote from: calkob on January 20, 2016, 02:53:34 PM

do these idiots not understand that bitcoin cant be blocked, yeah you might ban it in your country but you cannot stop it. Anyone with a computer and an internet connection can run a node and if the big mining farms where shut down they could mine it also, these people never surprise me in there arrogance........

Your keyword is "Internet" in which, some governments have control of. One single country in the east with its Great firewall can easily cause chaos in bitcoins. Another country in the west have total control of the "backbone" of the Internet can also cause chaos if it choose to.

Yakamoto

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Quote from: mayax on January 20, 2016, 07:24:03 PM

Quote from: DeathAngel on January 20, 2016, 06:03:50 PM

What a buffoon, you can't stop a decentralized system.

yes, they can "stop" it very easy... The FEDs will put in jail all the US exchangers without financial license.How many of them have license? 2-3?

this will be the end of BTC. Also, they can ban foreign exchangers to use USD. All the correspondent banks for USD are from USA. It's so simple.

Bitcoin without exchangers = like dead

It might lose more of its monetary value, but it can still be utilized among circles that are willing to trade it for one good or another. Heck, even on the dark web you'll still be able to exchange it. It just comes down to how much people will value anonymity instead of convenience.

mayax

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Quote from: DeathAngel on January 20, 2016, 06:03:50 PM

What a buffoon, you can't stop a decentralized system.

yes, they can "stop" it very easy... The FEDs will put in jail all the US exchangers without financial license. They already did that with few. How many US exchangers have license? 2-3?

Most of them are illegal.
this will be the end of BTC. Also, they can ban foreign exchangers to use USD. All the correspondent banks for USD are from USA. It's so simple.

Bitcoin without exchangers = like dead

Meuh6879

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Quote from: MicroGuy on January 20, 2016, 01:36:13 PM

Will governments stop Bitcoin?

jonald_fyookball

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Quote from: thejaytiesto on January 20, 2016, 02:47:27 PM

And we still have idiots wanting to raise the block size so pigs like this can start controlling Bitcoin and stopping it full stop if they wanted to. This is why don't you support crap like XT and Classic, learn the lesson now or tomorrow will be to late...

You are not representing your side of the debate very well.

First of all, people like Gavin Andressen and Mike Hearn are not "idiots".
They are very smart computer scientists, (as are Adam Back and Greg Maxwell.)

Secondly, the motivation to raise the blocksize limit is so that Bitcoin can scale.

Third of all, find me one person who is an "XT supporter".

Fourth, if you think bigger blocks will hurt bitcoin, why don't you make
an intelligent argument as to why? Hint: All the arguments have been
made already.

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What a buffoon, you can't stop a decentralized system.

smoothie

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Good luck is all I have to say...

These people don't know what they are talking about.

calkob

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do these idiots not understand that bitcoin cant be blocked, yeah you might ban it in your country but you cannot stop it. Anyone with a computer and an internet connection can run a node and if the big mining farms where shut down they could mine it also, these people never surprise me in there arrogance........

thejaytiesto

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And we still have idiots wanting to raise the block size so pigs like this can start controlling Bitcoin and stopping it full stop if they wanted to. This is why don't you support crap like XT and Classic, learn the lesson now or tomorrow will be to late...

bassride2

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Bitcoin being talked about by banks (in good or bad light) is a sure sign of it's increasing success!

"Governments like to control currency, know where it goes to and control it for monetary purposes".

The only way governments can and are controlling Bitcoin is by overseeing the gateway to entering the system,
i.e. exchanges that buy and sell BTC for Fiat currency. Whether this is a good or bad depends on many things including how liberatarian your views are.

"There's nothing behind a Bitcoin .... The Blockchain is a technology, and yes it's real"

This goes along with this current trend of banks trying to separate the perceived negative connotations of "Bitcoin" with the highly innovative
technology of the "BlockChain". So here's the deal: You can't (of course!) have one without the other. It's like saying we don't like
the idea of cars, but engines are great. It's the vision and value of the car (or truck or motorbike....) that drove the invention of the engine.

The Bitcoin (or any Altcoin) needs to possess value as an incentive for miners to validate and mine blocks, securing the blockchain
and any other 'applications' such as secure contracts.

Jamie Dimon is showing a lack of understanding here.

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